Prospectus J.P. Morgan U.S. Equity Funds Class A, Class B*, Class C & Select Class Shares November 1, 2014 JPMorgan Dynamic Small Cap Growth Fund** Class/Ticker: A/VSCOX; B/VSCBX; C/VSCCX; Select/JDSCX JPMorgan Growth Advantage Fund Class/Ticker: A/VHIAX; B/VHIBX; C/JGACX; Select/JGASX JPMorgan Intrepid Advantage Fund Class/Ticker: A/JICAX; C/JICCX; Select/JIISX JPMorgan Intrepid Mid Cap Fund Class/Ticker: A/PECAX; B/ODMBX; C/ODMCX; Select/WOOPX JPMorgan Market Expansion Enhanced Index Fund Class/Ticker: A/OMEAX; B/OMEBX; C/OMECX; Select/PGMIX JPMorgan Mid Cap Equity Fund** Class/Ticker: A/JCMAX; C/JMCCX; Select/VSNGX JPMorgan Mid Cap Growth Fund Class/Ticker: A/OSGIX; B/OGOBX; C/OMGCX; Select/HLGEX JPMorgan Mid Cap Value Fund** Class/Ticker: A/JAMCX; B/JBMCX; C/JCMVX; Select/JMVSX JPMorgan Multi-Cap Market Neutral Fund Class/Ticker: A/OGNAX; B/OGNBX; C/OGNCX; Select/OGNIX JPMorgan Small Cap Core Fund Class/Ticker: Select/VSSCX JPMorgan Small Cap Equity Fund** Class/Ticker: A/VSEAX; B/VSEBX; C/JSECX; Select/VSEIX JPMorgan Small Cap Growth Fund** Class/Ticker: A/PGSGX; B/OGFBX; C/OSGCX; Select/OGGFX JPMorgan Small Cap Value Fund Class/Ticker: A/PSOAX; B/PSOBX; C/OSVCX; Select/PSOPX JPMorgan U.S. Small Company Fund Class/Ticker: A/JTUAX; C/JTUCX; Select/JSCSX JPMorgan Value Advantage Fund Class/Ticker: A/JVAAX; C/JVACX; Select/JVASX * Class B Shares are no longer available for new purchases. ** Closed to new investors. The Securities and Exchange Commission has not approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
CONTENTS Risk/ Summaries: JPMorgan Dynamic Small Cap Growth Fund... 1 JPMorgan Growth Advantage Fund... 5 JPMorgan Intrepid Advantage Fund... 9 JPMorgan Intrepid Mid Cap Fund... 13 JPMorgan Market Expansion Enhanced Index Fund... 17 JPMorgan Mid Cap Equity Fund... 21 JPMorgan Mid Cap Growth Fund... 25 JPMorgan Mid Cap Value Fund... 29 JPMorgan Multi-Cap Market Neutral Fund... 33 JPMorgan Small Cap Core Fund... 37 JPMorgan Small Cap Equity Fund... 40 JPMorgan Small Cap Growth Fund... 44 JPMorgan Small Cap Value Fund... 48 JPMorgan U.S. Small Company Fund... 52 JPMorgan Value Advantage Fund... 56 More About the Funds... 60 Additional Information About the Funds Investment Strategies... 60 Investment Risks... 66 Temporary Defensive and Cash Positions... 69 Additional Historical Performance Information... 70 The Funds Management and Administration... 71 How to Do Business with the Funds... 74 Purchasing Fund Shares... 74 Sales Charges... 82 Rule 12b-1 Fees... 87 working and Sub-Transfer Agency Fees... 87 Exchanging Fund Shares... 87 Redeeming Fund Shares... 88 Shareholder Information... 91 Distributions and Taxes... 91 Shareholder Statements and Reports... 92 Availability of Proxy Voting Record... 93 Portfolio Holdings Disclosure... 93 Risk and Reward Elements for the Funds... 94 Financial Highlights... 100 Additional Fee and Expense Information... 128 How to Reach Us... Back cover
JPMorgan Dynamic Small Cap Growth Fund Class/Ticker: A/VSCOX; B/VSCBX; C/VSCCX; Select/JDSCX Currently, the Fund is publicly offered on a limited basis. (See Purchasing Fund Shares What does it mean that the Dynamic Small Cap Growth Fund and the Small Cap Growth Fund are publicly offered on a limited basis? in the prospectus for more information.) What is the goal of the Fund? The Fund seeks capital growth over the long term. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 82 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. SHAREHOLDER FEES (Fees paid directly from your investment) Class A Class B Class C Select Class Maximum Sales Charge (Load) Imposed on Purchases, as % of the Offering Price 5.25% NONE NONE NONE Maximum Deferred Sales Charge (Load), as % of Original Cost of the Shares NONE 5.00% 1.00% NONE (under $1 million) Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, including affiliated money market funds, other mutual funds, exchange-traded funds and business development companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not direct costs of the Fund, are not used the calculate the Fund s net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund s prospectus. ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) Class A Class B Class C Select Class Management Fees 0.65% 0.65% 0.65% 0.65% Distribution (Rule 12b-1) Fees 0.25 0.75 0.75 NONE Other Expenses 0.51 0.50 0.71 0.43 Shareholder Service Fees 0.25 0.25 0.25 0.25 Remainder of Other Expenses 1 0.26 0.25 0.46 0.18 Acquired Fund Fees and Expenses 0.18 0.18 0.18 0.18 Total Annual Fund Operating Expenses 1.59 2.08 2.29 1.26 Fee Waivers and Expense Reimbursements 2 (0.16) (0.15) (0.36) (0.08) Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 2 1.43 1.93 1.93 1.18 1 Remainder of Other Expenses have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect a reallocation of sub-transfer agency expenses among the classes as if they had been in effect during the most recent fiscal year. 2 The Fund s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class B, Class C and Select Class Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees deferred compensation plan) exceed 1.25%, 1.75%, 1.75% and 1.00%, respectively, of their average daily net assets. This contract cannot be terminated prior to 11/1/15 at which time the Service Providers will determine whether or not to renew or revise it. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/15 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. NOVEMBER 1, 2014 1
JPMorgan Dynamic Small Cap Growth Fund (continued) IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: 1 Year 3 Years 5 Years 10 Years CLASS A SHARES ($) 663 986 1,331 2,302 CLASS B SHARES ($) 696 937 1,305 2,273 CLASS C SHARES ($) 296 681 1,192 2,598 SELECT CLASS SHARES ($) 120 392 684 1,516 IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: 1 Year 3 Years 5 Years 10 Years CLASS A SHARES ($) 663 986 1,331 2,302 CLASS B SHARES ($) 196 637 1,105 2,273 CLASS C SHARES ($) 196 681 1,192 2,598 SELECT CLASS SHARES ($) 120 392 684 1,516 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Fund s performance. During the Fund s most recent fiscal year, the Fund s portfolio turnover rate was 65% of the average value of its portfolio. What are the Fund s main investment strategies? Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap companies. Assets means net assets, plus the amount of borrowings for investment purposes. Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000 Growth Index and/or with market capitalizations of less than $4 billion at the time of purchase. As of the date of the last reconstitution of the Russell 2000 Growth Index on June 27, 2014, the market capitalizations of the companies in the index ranged from $143 million to $4.5 billion. In implementing its main strategies, the Fund invests primarily in common stocks. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Investment Process: In managing the Fund, the Fund s adviser seeks to outperform the Fund s benchmark while maintaining a moderate risk profile. The adviser employs a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth. The adviser may sell a security for several reasons. A security may be sold due to a change in the company s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. The Fund s Main Investment Risks The Fund is subject to management risk and may not achieve its objective if the adviser s expectations regarding particular securities or markets are not met. An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund s securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Small Cap Company Risk. Investments in small cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Growth Investing Risk. Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value. 2 J.P. MORGAN U.S. EQUITY FUNDS
Derivative Risk. Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. The Fund s Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Russell 2000 Growth Index and Lipper Small-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Fund s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower. YEAR-BY-YEAR RETURNS 60.00% 50.00% 40.00% 30.00% 20.00% 15.16% 13.22% 9.82% 10.00% 5.29% 0.00% -10.00% -20.00% -30.00% -40.00% -50.00% 33.38% 27.37% -3.87% -43.71% 2004 2005 2006 2007 2008 2009 2010 2011 Best Quarter 4th quarter, 2010 18.90% Worst Quarter 4th quarter, 2008 26.98% 11.87% 47.26% 2012 2013 The Fund s year-to-date total return through 9/30/14 was 9.00%. AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2013) Past 1 Year Past 5 Years Past 10 Years CLASS A SHARES Before Taxes 39.51% 20.58% 8.02% After Taxes on Distributions 36.10 19.84 7.11 After Taxes on Distributions and Sale of Fund Shares 23.74 16.71 6.32 CLASS B SHARES Before Taxes 41.53 21.06 8.09 CLASS C SHARES Before Taxes 45.50 21.25 7.99 SELECT CLASS SHARES Before Taxes 47.68 22.34 9.02 RUSSELL 2000 GROWTH INDEX (Reflects No Deduction for Fees, Expenses or Taxes) 43.30 22.58 9.41 LIPPER SMALL-CAP GROWTH FUNDS INDEX (Reflects No Deduction for Taxes) 40.99 22.20 8.27 After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. NOVEMBER 1, 2014 3
JPMorgan Dynamic Small Cap Growth Fund (continued) Management J.P. Morgan Investment Management Inc. Portfolio Manager Managed the Fund Since Primary Title with Investment Adviser Eytan Shapiro 2004 Managing Director Purchase and Sale of Fund Shares Shares of the Fund are no longer generally available to new purchasers. Existing shareholders can still purchase additional shares, reinvest their dividends and exchange into the Fund from other J.P. Morgan Funds. In addition, certain group retirement plans, fee-based advisory programs, college savings plans and J.P. Morgan Funds can continue to purchase shares as described in Purchasing Fund Shares What does it mean that the Dynamic Small Cap Growth Fund and the Small Cap Growth Fund are publicly offered on a limited basis? in the prospectus. Purchase minimums For Class A and Class C Shares To establish an account $1,000 To add to an account $25 For Select Class Shares To establish an account $1,000,000 To add to an account No minimum levels Class B Shares are no longer available for new purchases. Existing shareholders can still reinvest their dividends and exchange their Class B Shares for Class B Shares of other Funds. In general, you may purchase or redeem shares on any business day: Through your Financial Intermediary By writing to J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528 After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111 Tax Information The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, in which case you may be subject to federal income tax upon withdrawal from the tax-advantaged investment plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 4 J.P. MORGAN U.S. EQUITY FUNDS
JPMorgan Growth Advantage Fund Class/Ticker: A/VHIAX; B/VHIBX; C/JGACX; Select/JGASX What is the goal of the Fund? The Fund seeks to provide long-term capital growth. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 82 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. SHAREHOLDER FEES (Fees paid directly from your investment) Class A Class B Class C Select Class Maximum Sales Charge (Load) Imposed on Purchases, as % of the Offering Price 5.25% NONE NONE NONE Maximum Deferred Sales Charge (Load), as % of Original Cost of the Shares NONE 5.00% 1.00% NONE (under $1 million) ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) Class A Class B Class C Select Class Management Fees 0.65% 0.65% 0.65% 0.65% Distribution (Rule 12b-1) Fees 0.25 0.75 0.75 NONE Other Expenses 0.46 0.45 0.44 0.42 Shareholder Service Fees 0.25 0.25 0.25 0.25 Remainder of Other Expenses 1 0.21 0.20 0.19 0.17 Total Annual Fund Operating Expenses 1.36 1.85 1.84 1.07 Fee Waivers and Expense Reimbursements 2 (0.11) (0.10) (0.09) NONE Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 2 1.25 1.75 1.75 1.07 1 Remainder of Other Expenses have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect a reallocation of sub-transfer agency expenses among the classes as if they had been in effect during the most recent fiscal year. 2 The Fund s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class B, Class C and Select Class Shares (excluding acquired fund fees and expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees deferred compensation plan) exceed 1.25%, 1.75%, 1.75% and 1.10%, respectively, of their average daily net assets. This contract cannot be terminated prior to 11/1/15 at which time the Service Providers will determine whether or not to renew or revise it. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/15 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: 1 Year 3 Years 5 Years 10 Years CLASS A SHARES ($) 646 923 1,221 2,065 CLASS B SHARES ($) 678 872 1,191 2,033 CLASS C SHARES ($) 278 570 987 2,151 SELECT CLASS SHARES ($) 109 340 590 1,306 IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: 1 Year 3 Years 5 Years 10 Years CLASS A SHARES ($) 646 923 1,221 2,065 CLASS B SHARES ($) 178 572 991 2,033 CLASS C SHARES ($) 178 570 987 2,151 SELECT CLASS SHARES ($) 109 340 590 1,306 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Fund s performance. During the Fund s most recent fiscal year, the Fund s portfolio turnover rate was 62% of the average value of its portfolio. NOVEMBER 1, 2014 5
JPMorgan Growth Advantage Fund (continued) What are the Fund s main investment strategies? The Fund will invest primarily in common stocks of companies across all market capitalizations. The Fund may at any given time invest a significant portion of its assets in companies of one particular market capitalization category, such as large capitalization companies. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Investment Process: The Fund invests in companies that the adviser believes have strong earnings growth potential. In managing the Fund, the adviser employs a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth. The adviser may sell a security for several reasons. A security may be sold due to a change in the company s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. The Fund s Main Investment Risks The Fund is subject to management risk and may not achieve its objective if the adviser s expectations regarding particular securities or markets are not met. An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund s securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Growth Investing Risk. Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value. Smaller Cap Company Risk. Because the Fund may invest in equity investments of companies across all market capitalizations, the Fund s risks increase as it invests more heavily in smaller cap companies (mid cap and small cap companies). Smaller companies may be more volatile and vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Derivative Risk. Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. 6 J.P. MORGAN U.S. EQUITY FUNDS
The Fund s Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Russell 3000 Growth Index and the Lipper Multi-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Fund s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The Fund s performance prior to 8/17/05 may be less pertinent for investors considering whether to purchase shares of the Fund because prior to that time the Fund operated as a mid cap growth fund pursuant to a different investment objective and different investment policies. The performance for the Class C Shares prior to their inception is based on the performance of the Class B Shares, whose expenses are substantially similar to those of the Class C Shares. The performance for the Select Class Shares is based on the performance of the Class A Shares prior to the inception of the Select Class Shares. The actual returns of Select Class Shares would have been different than those shown because Select Class Shares have different expenses than Class A Shares. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower. YEAR-BY-YEAR RETURNS 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% -10.00% -20.00% -30.00% -40.00% -50.00% 16.90% 10.63% 14.33% 25.07% -41.96% 36.62% 21.11% 2004 2005 2006 2007 2008 2009 2010 Best Quarter 1st quarter, 2012 19.72% Worst Quarter 4th quarter, 2008 23.07% -1.72% 2011 15.88% 44.36% 2012 2013 The Fund s year-to-date total return through 9/30/14 was 4.34%. AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2013) Past 1 Year Past 5 Years Past 10 Years CLASS A SHARES Before Taxes 36.75% 20.86% 10.72% After Taxes on Distributions 34.97 20.53 10.56 After Taxes on Distributions and Sale of Fund Shares 21.70 17.04 8.87 CLASS B SHARES Before Taxes 38.76 21.34 10.77 CLASS C SHARES Before Taxes 42.72 21.54 10.68 SELECT CLASS SHARES Before Taxes 44.74 22.42 11.51 RUSSELL 3000 GROWTH INDEX 34.23 20.56 7.95 (Reflects No Deduction for Fees, Expenses or Taxes) LIPPER MULTI-CAP GROWTH FUNDS INDEX (Reflects No Deduction for Taxes) 36.52 20.53 8.15 After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Management J.P. Morgan Investment Management Inc. Portfolio Manager Managed the Fund Since Primary Title with Investment Adviser Timothy Parton 2002 Managing Director Purchase and Sale of Fund Shares Purchase minimums For Class A and Class C Shares To establish an account $1,000 To add to an account $25 For Select Class Shares To establish an account $1,000,000 To add to an account No minimum levels NOVEMBER 1, 2014 7
JPMorgan Growth Advantage Fund (continued) Class B Shares are no longer available for new purchases. Existing shareholders can still reinvest their dividends and exchange their Class B Shares for Class B Shares of other Funds. In general, you may purchase or redeem shares on any business day: Through your Financial Intermediary By writing to J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528 After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111 Tax Information The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, in which case you may be subject to federal income tax upon withdrawal from the tax-advantaged investment plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 8 J.P. MORGAN U.S. EQUITY FUNDS
JPMorgan Intrepid Advantage Fund Class/Ticker: A/JICAX; C/JICCX; Select/JIISX What is the goal of the Fund? The Fund seeks to provide long-term capital appreciation. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 82 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. SHAREHOLDER FEES (Fees paid directly from your investment) Class A Class C Select Class Maximum Sales Charge (Load) Imposed on Purchases, Shown as % of the Offering Price 5.25% NONE NONE Maximum Deferred Sales Charge (Load), as % of Original Cost of the Shares NONE 1.00% NONE (under $1 million) Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, including affiliated money market funds, other mutual funds, exchange-traded funds and business development companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not direct costs of the Fund, are not used the calculate the Fund s net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund s prospectus. ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) Class A Class C Select Class Management Fees 0.65% 0.65% 0.65% Distribution (Rule 12b-1) Fees 0.25 0.75 NONE Other Expenses 1.27 1.27 1.21 Shareholder Service Fees 0.25 0.25 0.25 Remainder of Other Expenses 1 1.02 1.02 0.96 Acquired Fund Fees and Expenses 0.01 0.01 0.01 Total Annual Fund Operating Expenses 2.18 2.68 1.87 Fee Waivers and Expense Reimbursements 2 (1.02) (1.02) (0.96) Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 2 1.16 1.66 0.91 1 Remainder of Other Expenses have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect a reallocation of sub-transfer agency expenses among the classes as if they had been in effect during the most recent fiscal year. 2 The Fund s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class C and Select Class Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees deferred compensation plan) exceed 1.15%, 1.65% and 0.90%, respectively, of their average daily net assets. This contract cannot be terminated prior to 11/1/15 at which time the Service Providers will determine whether or not to renew or revise it. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/15 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: 1 Year 3 Years 5 Years 10 Years CLASS A SHARES ($) 637 1,078 1,545 2,831 CLASS C SHARES ($) 269 736 1,329 2,937 SELECT CLASS SHARES ($) 93 494 922 2,112 NOVEMBER 1, 2014 9
JPMorgan Intrepid Advantage Fund (continued) IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: 1 Year 3 Years 5 Years 10 Years CLASS A SHARES ($) 637 1,078 1,545 2,831 CLASS C SHARES ($) 169 736 1,329 2,937 SELECT CLASS SHARES ($) 93 494 922 2,112 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Fund s performance. During the Fund s most recent fiscal year, the Fund s portfolio turnover rate was 49% of the average value of its portfolio. What are the Fund s main investment strategies? Under normal circumstances, the Fund invests at least 80% of its Assets in equity investments across all market capitalizations. Assets means net assets, plus the amount of borrowings for investment purposes. In implementing its main strategies, the Fund invests primarily in a broad portfolio of equity securities of companies with market capitalizations similar to those within the Russell 3000 Index that the adviser believes are attractive based on certain characteristics, including quality, valuation, and momentum. In identifying securities that have attractive momentum characteristics, the adviser looks for securities which have prices that have been increasing and that the adviser believes will continue to increase. The Fund will primarily invest in common stocks and real estate investment trusts (REITs). Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Investment Process: The Fund has an actively managed strategy that employs an investment process based on behavioral finance principles. Behavioral finance theorizes that investors behave irrationally in systematic and predictable ways because human psychology affects investment decision-making. This investor behavior results in market inefficiencies that persist over time. The Fund seeks to capitalize on these market anomalies through a disciplined and dispassionate investment process. The Fund will sell a stock if the adviser determines that the issuer no longer meets the Fund s investment criteria or if the adviser believes that more attractive opportunities are available. The Fund s Main Investment Risks The Fund is subject to management risk and may not achieve its objective if the adviser s expectations regarding particular securities or markets are not met. An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund s securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Smaller Cap Company Risk. Although the Fund may invest in equity investments of companies across all market capitalizations, the Fund s risks increase as it invests in smaller companies (mid cap and small cap companies). Smaller companies may be more volatile and more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Derivative Risk. Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or 10 J.P. MORGAN U.S. EQUITY FUNDS
other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Real Estate Securities Risk. The Fund s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and creditworthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. The Fund s Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The table compares that performance to the Russell 3000 Index and the Lipper Multi-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The Fund s performance prior to 4/10/06 may be less pertinent for investors considering whether to purchase shares of the Fund because of changes made to the Fund s investment policies beginning at that time. The performance of the Class A and Class C Shares is based on the performance of the Select Class Shares prior to their inception. The actual returns of the Class A and Class C Shares would have been lower because each of these classes has higher expenses than Select Class Shares. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. YEAR-BY-YEAR RETURNS 40.00% 30.00% 20.00% 10.00% 0.00% -10.00% -20.00% -30.00% -40.00% -50.00% 16.01% 15.97% 6.59% 2.35% 41.96% 30.23% 15.25% 0.21% 19.21% 35.47% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Best Quarter 3rd quarter, 2009 18.50% Worst Quarter 4th quarter, 2008 24.34% The Fund s year-to-date total return through 9/30/14 was 8.07%. AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2013) Past 1 Year Past 5 Years Past 10 Years SELECT CLASS SHARES Before Taxes 35.47% 19.42% 7.54% After Taxes on Distributions 35.20 19.21 6.92 After Taxes on Distributions and Sale of Fund Shares 20.29 15.89 6.10 CLASS A SHARES Before Taxes 28.03 17.84 6.73 CLASS C SHARES Before Taxes 33.45 18.52 6.83 RUSSELL 3000 INDEX (Reflects No Deduction for Fees, Expenses or Taxes) 33.55 18.71 7.88 LIPPER MULTI-CAP CORE FUNDS INDEX (Reflects No Deduction for Taxes) 32.58 18.75 7.72 After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. NOVEMBER 1, 2014 11
JPMorgan Intrepid Advantage Fund (continued) Management J.P. Morgan Investment Management Inc. Portfolio Manager Managed the Fund Since Primary Title with Investment Adviser Dennis S. Ruhl 2012 Managing Director Jason Alonzo 2005 Executive Director Garrett Fish 2012 Executive Director Purchase and Sale of Fund Shares Purchase minimums For Class A and Class C Shares To establish an account $1,000 To add to an account $25 For Select Class Shares To establish an account $1,000,000 To add to an account No minimum levels In general, you may purchase or redeem shares on any business day: Through your Financial Intermediary By writing to J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528 After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111 Tax Information The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, in which case you may be subject to federal income tax upon withdrawal from the tax-advantaged investment plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 12 J.P. MORGAN U.S. EQUITY FUNDS
JPMorgan Intrepid Mid Cap Fund Class/Ticker: A/PECAX; B/ODMBX; C/ODMCX; Select/WOOPX What is the goal of the Fund? The Fund seeks long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 82 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. SHAREHOLDER FEES (Fees paid directly from your investment) Class A Class B Class C Select Class Maximum Sales Charge (Load) Imposed on Purchases, as % of the Offering Price 5.25% NONE NONE NONE Maximum Deferred Sales Charge (Load), as % of Original Cost of the Shares NONE 5.00% 1.00% NONE (under $1 million) Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, including affiliated money market funds, other mutual funds, exchange-traded funds and business development companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not direct costs of the Fund, are not used the calculate the Fund s net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund s prospectus. ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) Class A Class B Class C Select Class Management Fees 0.65% 0.65% 0.65% 0.65% Distribution (Rule 12b-1) Fees 0.25 0.75 0.75 NONE Other Expenses 0.46 0.52 0.50 0.40 Shareholder Service Fees 0.25 0.25 0.25 0.25 Remainder of Other Expenses 1 0.21 0.27 0.25 0.15 Acquired Fund Fees and Expenses 0.03 0.03 0.03 0.03 Total Annual Fund Operating Expenses 1.39 1.95 1.93 1.08 Fee Waivers and Expense Reimbursements 2 (0.21) (0.13) (0.11) (0.15) Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 2 1.18 1.82 1.82 0.93 1 Remainder of Other Expenses have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect a reallocation of sub-transfer agency expenses among the classes as if they had been in effect during the most recent fiscal year. 2 The Fund s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class B, Class C and Select Class Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees deferred compensation plan) exceed 1.15%, 1.79%, 1.79% and 0.90%, respectively, of their average daily net assets. This contract cannot be terminated prior to 11/1/15 at which time the Service Providers will determine whether or not to renew or revise it. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/15 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. NOVEMBER 1, 2014 13